Bloomberg News

Verhofstadt Criticizes EU’s ‘Lack of Urgency,’ Les Echos Reports

May 22, 2012

The European Union lacks a sufficient sense of urgency in tackling the underlying failings of economic and monetary union, as opposed to the immediate issue of Greece, according to Guy Verhofstadt, a member of the European Parliament and former Belgian prime minister, Les Echos reported.

The EU needs a common eurobond and can enforce budget discipline by allowing only states that respect debt limits to participate in a 2.3 billion-euro ($2.9 billion) amortization fund to mutualize sovereign debt over 60 percent of gross domestic product, the newspaper cited Verhofstadt as saying.

To contact the reporter on this story: Heather Smith in Paris at hsmith26@bloomberg.net

To contact the editor responsible for this story: Anthony Aarons at aaarons@bloomberg.net


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